The company has recognised a financial impact of Rs 64.13 crore for the latest September quarter mainly to reflect the estimated realisable value of the assets, associated costs and impacts of reversal of provision on account of Zinetac recall, the filing said.
The company had recognised an exceptional item of Rs 401.14 crore for the quarter ended September 30, 2019, it added.
"GSK continues to demonstrate resilience in these times, as we focus our efforts on the safety of our employees while ensuring patients have access to our medicines," GlaxoSmithKline Pharmaceuticals MD Sridhar Venkatesh said.
Most of GSK's key brands have outpaced their respective categories by gaining market share and company's cost reduction/efficiency initiatives have helped drive margin expansion, he added.
"We also continued our focus as an innovation-driven, science-led biopharmaceutical company with the recent launch of Fluarix Tetra - the world's first inactivated quadrivalent influenza vaccine during the quarter," Venkatesh said.
After considering all the strategic options available with the company for the manufacturing site at Vemgal following the global voluntary recall of Zinetac, it has decided to proceed with the sale of the site and has classified the assets as held for sale, he added.
Earlier this year, the company decided to discontinue the production and sale of Zinetac tablets used to treat and prevent heartburn.
Shares of GlaxoSmithKline Pharmaceuticals closed at Rs 1,499.55 per scrip on the BSE, up 0.31 per cent from its previous close.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.